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Accounting Policies of The Anandam Rubber Company Ltd. Company

Mar 31, 2015

A) Basis of Accounting

The financial statements are prepared in accordance with the Generally Accepted Accounting principles in India ( Indian GAAP) under the historical cost convention on the accrua basis.. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule7of the Companies (Accounts) Rules, 2014,the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI) Accounting policies not specifically referred to otherwise be consistent to and in accordance with those of previous year.

b) Fixed assets and depreciation

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided from the date of acquisition on the reducing balance method at the rates specified in Schedule II of the Company's Act, 2013.

c) Investment

Long-term investments are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature..

d) Retirement benefits

The Company does not have regular employees at present. The dues of all regular employees who were retrenched at the time of the sale of the estate have been settled.

e) Taxation

Tax expense comprising of both current tax and deferred tax is included in determining the net results for the year. Provision for current tax is made after taking into consideration benefit admissible under the provisions of the Income Tax Act, 1961. Accounting Standard 22 has considered and since the value of timing difference was negligible, the provision has not been made for the same. The deferred tax asset is recognized and carried forward only to the extent there is a reasonable certainty that the assets will be realized in future.

f) Revenue Recognition

Income from sale of investments and jobbing activities are recognized as operational income. Income from investing surplus funds and dividends are recognized as other income.


Mar 31, 2014

A) BACKGROUND

The company sold its loss making plantation in 1989, the proceeds in respect of which have been deployed in banks and investments. The directors are considering various business proposals to strengthen the financial base of the company.

b) PRINCIPAL ACCOUNTING POLICY

a) Basis of Accounting

The financial statements are prepared on accrual basis, under historical cost convention and in accordance with the Accounting Standards notified under the Companies Act, as applicable to the Company. The disclosure requirement of Schedule VI of The Companies Act, 1956 have been complied with to the extent applicable. Accounting policies not specifically referred to otherwise be consistent to and in accordance with generally accepted accounting policies.

b) Fixed assets and depreciation

Fixed assets are statesd at cost less accumulated depreciation. Depreciation is provided from the date of acquisition on the reducing balance method at the rates specified in Schedule XIV of the Company's Act, 1956.

c) Investment

Long-term investments are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature..

d) Retirement benefits

The Company does not have regular employees at present. The dues of all regular employees who were retrenched at the time of the sale of the estate have been settled.

e) Taxation

Tax expense comprising of both current tax and deferred tax is included in determining the net results for the year. Provision for current tax is made after taking into consideration benefit admissible under the provisions of the Income Tax Act, 1961. Accounting Standard 22 has considered and since the value of timing difference was negligible (below Rs.1000), the provision has not been made for the same. The deferred tax asset is recognized and carried forward only to the extent there is a reasonable certainty that the assets will be realized in future.

f) Revenue Recognition

Income from sale of current investments and jobbing activities are recognized as operational income. Income from sale of long term investments and dividends are recognized as other income.






Mar 31, 2013

A) BACKGROUND

The company sold its loss making plantation in 1989, the proceeds in respect of which have been deployed in banks and

investments. The directors are considering various business proposals to strengthen the financial base of the company.

b) PRINCIPAL ACCOUNTING POLICY

a) Basis of Accounting : The financial statements are prepared on accrual basis, under historical cost convention and in accordance with the Accounting Standards notified under the Companies Act, as applicable to the Company. The disclosure requirement of Schedule VI of The Companies Act, 1956 have been complied with to the extent applicable. Accounting policies not specifically referred to otherwise be consistent to and in accordance with generally accepted accounting policies.

b) Fixed assets and depreciation : Fixed assets are states at cost less accumulated depreciation. Depreciation is provided from the date of acquisition on the reducing balance method at the rates specified in Schedule XIV of the Company's Act, 1956.

c) Investment : Long-term investments are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature.

d) Retirement benefits : The Company does not have regular employees at present. The dues of all regular employees who were retrenched at the time of the sale of the state have been settled.

e) Taxation : Tax expense comprising of both current tax and deferred tax is included in determining the net results for the year. Provision for current tax is made after taking into consideration benefit admissible under the provisions of the Income Tax Act, 1961. Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using tax rates and laws enacted or substantially enacted as on the Balance Sheet date. The deferred tax asset is recognized and carried forward only to the extent there is a reasonable certainty that the assets will be realized in future.

f) Revenue Recognition : Income from sale of current investments and jobbing activities are recognized as operational income. Income from sale of long term investments and dividends are recognized as other income.












Mar 31, 2012

A) BACKGROUND

The company sold its loss making plantation in 1989, the proceeds in respect of which have been deployed in banks and investments. The directors are considering various business proposals to strengthen the financial base of the company.

b) PRINCIPAL ACCOUNTING POLICY

a) Basis of Accounting

The financial statements are prepared on accrual basis, under historical cost convention and in accordance with the Accounting Standards notified under the Companies Act, as applicable to the Company. The disclosure requirement of Schedule VI of The Companies Act, 1956 have been complied with to the extent applicable. Accounting policies not specifically referred to otherwise be consistent to and in accordance with generally accepted accounting policies.

b) Fixed assets and depreciation

Fixed assets are states at cost less accumulated depreciation. Depreciation is provided from the date of acquisition on the reducing balance method at the rates specified in Schedule XIV of the Company's Act, 1956.

c) Investment

Long-term investments are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature..

d) Retirement benefits

The Company does not have regular employees at present. The dues of all regular employees who were retrenched at the time of the sale of the state have been settled.

e) Taxation

Tax expense comprising of both current tax and deferred tax is included in determining the net results for the year. Provision for current tax is made after taking into consideration benefit admissible under the provisions of the Income Tax Act, 1961. Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using tax rates and laws enacted or substantially enacted as on the Balance Sheet date. The deferred tax asset is recognized and carried forward only to the extent there is a reasonable certainty that the assets will be realized in future.

f) Revenue Recognition

Income from sale of current investments and jobbing activities are recognized as operational income. Income from sale of long term investments and dividends are recognized as other income.



 
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