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Accounting Policies of Tejassvi Aaharam Ltd. Company

Mar 31, 2014

A. Accounting Convention:

i) The Financial Statements are prepared In accordance with the requirements of the Companies Act, 1956 under the historical cost convention on the accrual basis.

Use of Estimates

ii) Estimates and assumptions used in the preparation of the financial statements are based upon Management''s evaluation of the relevant facts and circumstances as of the date of the Financial Statement.

B. Revenue Recognition:

Revenue from sale of goods is recognised upon passing of title to, the consumer and delivery as per terms of sale. Other income and expenses are accounted for on mercantile basis, No business operations during the year.

C. Fixed Assets:

Land and building only is the assets of the company.

D. Depreciation:

None of the Fixed Assets have been revalued during the year. Depreciation Is provided on Straight Line Method at the rates prescribed under the Schedule - XIV of the Companies Act, 1956. During the year the mill did not run and no conversion charges received. However, there will be usual wear and tear. Hence depreciation has been claimed.

E. Inventories : NIL

F. Investments : NIL

G. EMPLOYEE BENEFITS:

a) SHORT-TERM EMPLOYEE BENEFITS:

There is only One employee. Hence not considered.

b) POST EMPLOYMENT BENEFITS:

i) Defined Contribution Plans:

There is only One employee. Hence not considered.

ii) Defined Benefit Plans:

There is only One employee. Hence not considered.

H. Sales : NIL No Income from operations during the year.


Mar 31, 2013

A. Accounting Convention:

i) The Financial Statements are prepared in accordance with the requirements of the Companies Act, 1956 under the historical cost convention on the accrual basis. Use of Estimates

ii) Estimates and assumptions used in the preparation of the financial statements are based upon Management''s evaluation of the relevant facts and circumstances as of the date of the Financial Statement.

B. Revenue Recognition:

Revenue from sale of goods is recognised upon passing of title to the consumer, and delivery as per terms of sale. Other income and expenses are accounted for on mercantile basis. No business operations during the year.

C. Fixed Assets:

During the Year the Company has dismantled the whole of Plant and Machinery and disposed off the same. Land and building only is the assets of the company.

D. Depreciation:

None of the Fixed Assets have been revalued during the year. Depreciation is provided on Straight Line Method at the rates prescribed under the Schedule - XIV of the Companies Act, 1956 and while doing so the Plant and Machinery has been considered as continuous process plant by the Company. During the year the mill did not run and no conversion charges received. However, there will be usual wear and tear. Hence the depreciation has been claimed.

E Inventories: NIL

F Investments: NIL

G EMPLOYEE BENEFITS:

a) SHORT-TERM EMPLOYEE BENEFITS:

There is only One employee. Hence not considered.

b) POST EMPLOYMENT BENEFITS:

i) Defined Contribution Plans:

There is only One employee. Hence not considered.

ii) Defined Benefit Plans:

There is only One employee. Hence not considered.

H Sales: NIL No Income from operation during the year.


Mar 31, 2012

A. Accounting Convention:

i) The Financial Statements are prepared in accordance with the requirements of the Companies Act, 1956 under the historical cost convention on the accrual basis.

Use of Estimates

ii) Estimates and assumptions used in the preparation of the financial statements are based upon Management's evaluation of the relevant facts and circumstances as of the date of the Financial Statement.

B. Revenue Recognition:

Revenue from sale of goods is recognised upon passing of title to the consumer, and delivery as per terms of sale. Other income and expenses are accounted for on mercantile basis.

C. Fixed Assets:

Fixed Assets are stated at historical cost of acquisition (less CENVAT Credits) including installation and commissioning charges less accumulated depreciation.

D. Depreciation:

None of the Fixed Assets have been revalued during the year. Depreciation is provided on Straight Line Method at the rates prescribed under the Schedule - XIV of the Companies Act, 1956 and while doing so the Plant and Machinery has been considered as continuous process plant by the Company. During the year the mill did not run and no conversion charges received. However, there will be usual wear and tear. Hence the depreciation has been claimed.

E. Inventories: Stores and Spares: Valued at cost.

F. Investments: NIL

G. EMPLOYEE BENEFITS:

a) SHORT-TERM EMPLOYEE BENEFITS:

There are only Two employees. Hence not considered.

b) POST EMPLOYMENT BENEFITS: i) Defined Contribution Plans:

There are only Two employees. Hence not considered.

ii) Defined Benefit Plans:

There are only Two employees. Hence not considered.

H. Sales: NIL No Income from operation during the year.


Mar 31, 2010

A. Accounting Convention:

i) The Financial Statements are prepared in accordance with the requirements of the Companies Act,1956 under the historical cost convention on the accrual basis.

ii) Use of Estimates

Estimates and assumptions used in the preparation of the financial statements are based upon Managements evaluation of the relevant facts and circumstances as of the date of the Financial Statement.

B. Revenue Recognition:

Mill did not run and no sale or conversion charges received during the year. Other income and Expenditure are accounted for on mercantile basis.

C. Fixed Assets:

Fixed Assets are stated at historical cost of acquisition (less CENVAT Credits) including installation and commissioning charges less accumulated depreciation.

D. Depreciation:

None of the Fixed Assets have been revalued during the year. Depreciation is provided on Straight Line Method at the rates prescribed under the Schedule- XIV of the Companies Act, 1956 and while doing so the Plant and Machinery has been considered as continuous process plant by the Company.

During the year the mill did not run and no conversion charges received. However, there will be usual wear and tear. Hence the depreciation has been claimed.

E. Inventories:

Stores and Spares: Valued at cost.

F. Investments: NIL

G. EMPLOYEE BENEFITS:

a) SHORT-TERM EMPLOYEE BENEFITS:

There is only one employee. Hence not considered.

b) POST EMPLOYMENT BENEFITS:

i) Defined Contribution Plans:

There is only one employee. Hence not considered. ii) Defined Benefit Plans:

There is only one employee. Hence not considered.

H. Sales: NIL No Income from operation during the year.

I. Foreign Exchange Transactions:

During the year the Company has not dealt with foreign exchange transactions.

 
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