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Accounting Policies of Tashi India Ltd. Company

Mar 31, 2015

1. Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with Applicable Accounting Standards in India, the provisions of the Companies Act, 2013.

Fixed Assets and Depreciation:

Fixed Assets are valued at cost less depreciation. Depreciation on tangible assets is calculated using the rates arrived at based on the useful life of the assets as prescribed under schedule -II of the Companies Act, 2013.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock in Trade is valued at cost or net realizable value whichever is lower. Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2014

1. Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with Applicable Accounting Standards in India, the provisions of the Companies Act, 1956 and the Companies Act, 2013.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock in Trade is valued at cost or net realizable value whichever is lower.

Sales and Other Income:

i) Sales excludes sales tax/Value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with reasonable accuracy.

Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

31.03.2014 31.03.2013 (Rs.) (Rs.) 2. Contingent Liabilities not provided for: Income Tax demand - 4,38,097/-

Sales Tax 5,40,895/- -

3. Related parties and transaction with them as specified in Accounting Standard- 18 on "Related Party Disclosures" issued by the ICAI has been identified and given below;

(i) Related Party Relationships

(a) Where control exists None

(b) Other Related Parties Bajaj Global Limited with whom the Company Bajaj Steel Industries Limited had transactions Rohit Machine & Fabricators Ltd., Bajaj Exports Pvt Ltd., Bajaj Polymin Ltd., Glycosic Merchants Pvt Ltd., Bajaj Chemo-plast (I) Ltd., Bajaj Trade Developments Limited Rohit Polytex Ltd Luk Plastcon Ltd Gangalaxmi Industries Ltd Nissan Merchandise Pvt. Ltd. Bajaj Reinforcement LLP

NOTES: The parties listed under (b) above are not "related parties" as per the requirements of Accounting Standard 18. However, as a matter of abundant caution, they are being included for making the Financial Statements more transparent.


Mar 31, 2013

Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock of Trading items are valued at cost or net realizable value whichever is lower.

Sales and Other Income:

i) Sales excludes sales tax/Value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with reasonable accuracy.

Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2012

Accounting Convention:

The financial statements arc prepared under the historical cost convention in accordance with applicable Accounting Standards.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as a current investments and are valued at lower of cost and market value.

Inventories:

Stock of Trading items are valued at cost or net realizable value whichever is lower.

Retirement Benefits:

Provision for liability of gratuity is made on the basis of actual accrued liability for all employees who have completed five years of services, determined using actuarial valuation techniques.

Sales and Other Income:

i) Sales excludes sales tax/value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with re unable accuracy.

Impairment of assets

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of Taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being in difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2010

- Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

- Method or depreciation and amortization:

Depreciation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

- Investments:

Investments are stated at cost. Provision for diminution is made to recognize a decline, other than temporary, in the value of such investments.

- Revenue and Expenditure Recognition:

Revenue is recognized and expenditure is accounted for on accrual basis however the amounts, which are not materially significant, is accounted on cash basis.


Mar 31, 2009

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of depreciation and amortization:

Depreciation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

Investments:

Investments are stated at cost. Provision for diminution is made to recognize a decline, other than temporary, in the value of such investments.

Revenue and Expenditure Recognition:

Revenue is recognized and expenditure is accounted for on accrual basis however the amounts, which are not materially significant, is accounted on cash basis.


Mar 31, 2004

Not Available


Mar 31, 2002

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of depreciation and amortisation:

Deprecation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

Investments:

Investments are stated at cost. Provision for diminution is made to recognise a decline, order than temporary, in the value of such investments.

Inventories:

Inventories are valued at cost price or market price whichever is lower.

Revenue and Expenditure Recognition:

Revenue is recognised and expenditure is accounted for on accrual basis however the amounts that are not materially significant is accounted on cash basis.

Income from Lease Operations:

Lease rentals are accounted for as revenue when they contractually accrue.

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