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Trimurthi Drugs & Pharmaceuticals Ltd. Accounting Policies | Accounting Policy of Trimurthi Drugs & Pharmaceuticals Ltd.
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Union Budget 2017-18
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Accounting Policies of Trimurthi Drugs & Pharmaceuticals Ltd. Company

Mar 31, 2015

1.1 Basis of Preparation of Financial Statements=

i. The Financial Statements are prepared under the historical cost convention on the 'Accrual Concept" of accountancy in accordance with the accounting principles generally accepted in India and they comply with the Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and other pronouncement issued by the Institute of Chartered Accountants of India (ICAI), to the extent applicable, and with the applicable provisions of the Companies Act, 2013.

ii. Accounting Policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles followed by the Company.

1.2 Basis of Accounting;

All Income and Expenditure items are recognized on accrual basis. However, Dividend Income ts accounted for on Receipt Basis.

1.3 Fixed Assets & Depreciation:

(i) Fixed Assets are valued at cost less Depreciation. Cast includes all expenses incurred for acquisition of assets and the expenditure incurred for renovation on leased premises has been Capitalized. Intangible assets represents consideration paid for acquisition of such assets and also includes amortized cast of merger expenses.

(ii) The Company provides Depreciation on Tangible assets on straight fine method based on the useful life as prescribed under Schedule II of the Companies Act, 2013. Depreciation for an amount of Rs. 12,43,709.00 has been recognized which relate to the carrying amount of tangible assets whose revised remaining useful life was NIL, as at 1st April 2014 and adjusted against the General Reserve of the company. Intangible Assets are amortized over their estimated economic life of 10 years,

1.4 Inventories:

Closing Stock had been valued at Cost or Market Value whichever is lower.

1.5 Retirement Benefits:

Employees post-retirement benefits such as Gratuity, Pension and leave Encashment wiJI be accounted as and when it arises.

1.6 Impairment of Assets:

Na asset was identified as impaired during the year.

1.7 Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard (AS) - 3 on 'Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cosh on hand, with Banks in current accounts and demand deposit.

1.8 Foreign Exchange Transactions:

There were no foreign exchange transactions during the year.

1.9 Changes in Accounting Policies:

Accounting Policies have been consistently applied where a newly issued Accounting Standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Management evaluates all recently issued or revised Accounting Standards on an ongoing basis and accordingly changes the Accounting Policies as applicable.

1.lO Taxes on Income;

Current tax determined based on the amount of tax payable in respect of taxable Income for the period. Deferred tax is recognized on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. During the current period the timing difference has arisen due to change in depreciation rates.

1.11 Investments:

Long Term Investments are stated at cost (ess any diminution in the vatue other than temporary. Current Investments are stated at lower of cost or market value.


Mar 31, 2014

1.1 Basis of Preparation of Financial Statements:

(i) Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as applicable to this Company.

(ii)Accounting Policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles followed by the Company.

1.2 Basis of Accounting:

All Income and Expenditure items are recognised on accrual basis. However, Dividend Income is accounted for on Receipt Basis.

1.3 Fixed Assets & Depreciation:

(i) Fixed Assets are valued at cost less Depreciation. Cost includes all expenses incurred for acquisition of assets and the expenditure incurred for renovation on leased premises has been Capitalised. Intangible assets represents consideration paid for acquisition of such assets and also includes amortised cost of merger expenses.

(ii)The Company provides Depreciation on Straight Line Method at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956. For the Intangible assets the depreciation has been provided by considering the useful life of the asset as 10 years. For the Intangible Assets namely Website Development, the useful life is estimated as Three years and accordingly depreciation has been provided on prorata basis.

1.4 Inventories:

Closing Stock had been valued at Cost or Market Value whichever is lower.

1.5 Retirement Benefits:

Employees post retirement benefits such as Gratuity, Pension and leave Encashment will be accounted as and when it arises.

1.6 Impairment of Assets:

No asset was identified as impaired during the year.

1.7 Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard (AS) - 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand, with Banks in current accounts and demand deposit.

1.8 Foreign Exchange Transactions:

There were no foreign exchange transactions during the year.

1.9 Changes in Accounting Policies:

Accounting Policies have been consistently applied where a newly issued Accounting Standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use, Management evaluates all recently issued or revised Accounting Standards on an ongoing basis and accordingly changes the Accounting Policies as applicable.

1.10 Taxes on Income:

Current tax determined based on the amount of tax payable in respect of taxable Income for the period. Deferred tax is recognized on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. During the current period the timing difference has arisen due to change in depreciation rates.

1.11 Investments:

Investments have been recorded at Cost of acquisition. Temporary diminution in the value of the Investments has been ignored in accordance with the Accounting Standard.


Mar 31, 2013

1,1 Basis of Preparation of Financial Statements:

(i) Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as applicable to this Company.

(ii) Accounting Policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles followed by the Company.

1.2 Basis of Accounting:

All Income and Expenditure items are recognised on accrual basis. However, Dividend Income is accounted for on Receipt Basis.

1.3 Fixed Assets & Depreciation:

(i) Fixed Assets are valued at cost less Depreciation. Cost includes all expenses incurred for acquisition of assets and the expenditure incurred for renovation on leased premises has been Capitalised.

(ii) The Company provides Depreciation on Straight Line Method at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956. For the Intangible assets the depreciation has been provided by considering the useful life of the asset as 10 years. For the Intangible Assets namely Website Development, the useful life is estimated as Three years and accordingly depreciation has been provided on prorata basis.

1.4 Inventories:

Closing Stock had been valued at Cost or Market Value whichever is lower.

1.5 Retirement Benefits:

Employees post retirement benefits such as Gratuity, Pension and leave Encashment will be accounted as and when it arises.

1.6 Impairment of Assets:

No asset was identified as impaired during the year.

1.7 Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard (AS) - 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand, with Banks in current accounts and demand deposit.

1.8 Foreign Exchange Transactions:

There were no foreign exchange transactions during the year.

1.9 Changes in Accounting Policies:

Accounting Policies have been consistently applied where a newly issued Accounting Standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use, Management evaluates all recently issued or revised Accounting Standards on an ongoing basis and accordingly changes the Accounting Policies as applicable.

1.10 Taxes on Income:

Current tax determined based on the amount of tax payable in respect of taxable Income for the period. Deferred tax is recognized on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. During the current period the timing difference has arisen due to change in depreciation rates.


Mar 31, 2012

1.1 Basis of Preparation of Financial Statements:

(i) Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as applicable to this Company.

(ii) Accounting Policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles followed by the Company.

1.2 Basis of Accounting:

All Income and Expenditure items are recognised on accrual basis. However, Dividend

Income is accounted for on Receipt Basis.

1.3 Fixed Assets & Depreciation:

(i) Fixed Assets are valued at cost less Depreciation. Cost includes all expenses incurred for acquisition of assets and the expenditure incurred for renovation on leased premises has been Capitalised.

(ii) The Company provides Depreciation on Straight Line Method at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956. For the Intangible assets the depreciation has been provided by considering the useful life of the asset as 10 years. For the Intangible Assets namely Website Development, the useful life is estimated as Three years and accordingly depreciation has been provided on prorata basis.

1.4 Inventories:

Closing Stock had been valued at Cost or Market Value whichever is lower.

1.5 Retirement Benefits:

Employees post retirement benefits such as Gratuity, Pension and Leave

Encashment will be accounted as and when it arises.

1.6 Impairment of Assets:

No asset was identified as impaired during the year.

1.7 Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard (AS) - 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand, with Banks in current accounts and demand deposit.

1.8 Foreign Exchange Transactions:

There were no foreign exchange transactions during the year.

1.9 Changes in Accounting Policies:

Accounting Policies have been consistently applied where a newly issued Accounting Standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use, Management evaluates all recently issued or revised Accounting Standards on an ongoing basis and accordingly changes the Accounting Policies as applicable.

1.10 Taxes on Income:

Current tax determined based on the amount of tax payable in respect of taxable Income for the period. Deferred tax is recognized on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. During the current period the timing difference has arisen due to change in depreciation rates.


Mar 31, 2010

1. Basis of Preparation of Financial Statements:

(i) Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as applicable to this Company.

(ii) Accounting Policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles followed by the Company.

2. Basis of Accounting:

All Income and Expenditure items are recognised on accrual basis. However, Dividend Income is accounted for on Receipt Basis.

3. Fixed Assets & Depreciation:

(i) Fixed Assets are valued at cost less Depreciation. Cost includes all expenses incurred for acquisition of assets and the expenditure incurred for renovation on leased premises has been Capitalised.

(ii) The Company provides Depreciation on Straight Line Method at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956. For the Intangible assets the depreciation has been provided by considering the useful life of the assets as 10 years. For the Intangible Assets added during the year namely Website

Development, the useful life is estimated as Three years and accordingly depreciation has been provided on prorata basis.

4. Inventories:

Closing Stock had been valued at Cost or Market Value whichever is lower.

5. Retirement Benefits:

Employees post retirement benefits such as Gratuity, Pension and leave Encashment will be accounted as and when it arises.

6. Impairment of Assets:

No asset was identified as impaired during the year.

7. Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard (AS) - 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand, with Banks in current accounts and demand deposit.

8. Foreign Exchange Transactions:

There were no foreign exchange transactions during the year.

9. Changes in Accounting Policies:

Accounting Policies have been consistently applied where a newly issued Accounting Standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use, Management evaluates all recently issued or revised Accounting Standards on an ongoing basis and accordingly changes the Accounting Policies as applicable.

10. Taxes on Income:

Current tax determined based on the amount of tax payable in respect of taxablelncome for the period. Deferred tax is recognized on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. During the current period the timing difference has arisen due to change in depreciation rates.

 
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