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Accounting Policies of Unique Organics Ltd. Company

Mar 31, 2015

A) Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act")/Companies Act, 1956 ("the Act 1956"), as applicable. These financial statements have been prepared on an accrual basis and under the historical cost conventions.

b) Use of Estimates

The preparation of financial statements in confirmity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Differences between actual results and estmates are recognised in the period in which the results are known / materialised.

c) Revenue Recognition

i) Sales are recognised inclusive of discount and exclusive of VAT, if any.

ii) Export entitlement in the form of Duty Drawback, DEPB and other schemes are recognised in the statement of Profit & Loss when the right to receive credit as per the terms of scheme is established in respect of exports made and when there is no significant uncertainty regarding the ultimate collection of relevant export proceeds.

iii) Insurance are accounted for on receipt basis or as acknowledged by the appropriate authorities.

d) Fixed Assets

Fixed Assets are stated at cost of acquisition/installation less accumulated depreciation and impairment losses, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use.

e) Depreciation

In respect of fixed assets (other than freehold land and capital work-in-progress) acquired during the year, depreciation/ amortisation is charged on a straight line basis so as to write off the cost of the assets over the useful lives and for the assets acquired prior to 1 April, 2014, the carrying amount as on 1 April, 2014 is depreciated over the remaining useful life based on an evaluation:

f) Investments

The Company does not have any Investment at the end of the year and its corresponding previous year.

g) Earning Per Share

Basic and Diluted Earnings per shares are calculated by dividing the net profit attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

h) Inventories

Inventories are valued at lower of cost and net realizable value and as certified by the management. Cost of inventories comprises of cost of purchase and other incidental expenses, determined on FIFO basis. Net realizable value is the estimated selling price in the ordinary course of business.

i) Borrowing Cost

Borrowing Costs that are directly attributable to the acquisition or construction of Qualifying Assets are capitalized as part of cost of such assets. Other Borrowing Costs are charged as expense in the year in which these are incurred.

j) Segment Reporting

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

k) Foreign Currency Transaction

i) All transactions in foreign currency are recorded at the rate of exchange prevailing on the date when the relevant transaction take place.

ii) Monetary items denominated in foreign currency at the year end are restated at the year end rates. Any income or expenses on account of exchange differences either on settlement or on translation is recognized in the Statement of Profit and Loss except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.

iii) The premium or discount arising at the inception of forward exchange contract is amortized and recognized as an expenses / income over the life of the contract.

l) Impairment

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value being higher of value in use and net selling price. An impairment loss is recognized as an expense in the Profit and Loss Account in the year in which an asset is impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount.

m) Taxation

Provision for current tax is made after taking in to consideration benefits admissible under the provisions of the Income Tax Act, 1961, Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and law that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognised and carried forward only to the extent that there is virtual certainty that the assets will be realised in future.

n) Government Grants

Government grants are recognised only when there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received. Government Grants related to specific assets are presented in the Balance Sheet by showing the grant as a deduction from the gross value of the assets concerned in arriving at their book value.

o) Employee Benefits

i) The company contributes to the employee's provident fund maintained under the Employees Provident Fund Scheme of the Central Government and the same is charged to the Profit & Loss Account. The company has no obligation, other than the contribution payable to the provident fund. The company also contributes to the employees state insurance fund maintained under the "Employees State Insurance Scheme" of the Central Government and same is also charged to the profit & loss account.

ii) Gratuity Liability has been provided on the basis of acturial valuation. The company does not contributes to any fund for gratuity for its employees. The cost of providing benefits is determined on the basis of actuarial valuation at each year end using projected unit credit method. Actuarial gain and losses is recognized in the period in which they occur in the statement of profit and loss.

p) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

q) Provision & Contingent Liability

A provision is recognized when there is a present obligation as a result of past event, that probably requires an outflow of resources and a reliable estimate can be made to settle the amount of obligation.These are reviewed at each year end and adjusted to reflect the best current estimates. Contingent liabilities are not recognised but disclosed in the financial statements.


Mar 31, 2014

A] Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indiar GAAP), The company has prepared these fmancial statements to comply in ail material respects with the accounting standards notified unde the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the CompaniesAct,1956. These financia statements have been prepared on an accrual basis and under the historical cost conventions.

b) Use of Estimates

The preparation of financial statements in confirmity with generaiiy accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Differences between actual results and estimates are recognised in the period in which the resutts are known i materialised.

c) Revenue Recognition

i) Sales are recognised inclusive of discount and exclusive of VAT, if any,

ii) Export entitlement in the form of Duty Drawback, DEPB and other schemes are recognised in the statement of Profit & Loss when the right to receive credit as per the terms of scheme is established in respect of exports made and when there is no significant uncertainty regardirrg the ultimate collection of relevant export proceeds.

iii) Insurance are accounted for on receipt basis oras acknowledged by the appropriate authorities, dl Fixed Assets Fixed Assets are stated at cost of acquisition/installation less accumulated depreciation and impairment losses, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to worthing condition for its intended use.

Depreciation

Depredation on Fixed Assets is provided on Straight Line method at toe rates and in the manner Specified in Schedule XIV of the Companies Act. 1956.

f) Investmerrts

The Company does not have any Investment at the end of the year and its corresponding previous year.

g) Earning Per Share

Basic and Diluted Earnings per shares are calculated by dividing the net profit attributoble to toe ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

h) Inventories

Inventories are valued at lower of cost and net realizable value and as certified by the management. Cost of inventories comprises of cost of purchase and other incidental expenses, determined on FIFO basis. Net realizable value is the estimated selling price in the ordinary course of business.

i) Borrowing Cost

Borrowing Costs that are directly attributable to the acquisition or construction of Qualifying Assets are capitalized as part of cost of such assets. Other Borrowing Costs are charged as expense in the year in which these are incurred,

J) Segment Reporting

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting toe financial statements of the company as a whole.

k) Foreign Currency Transaction

i) All transactions in foreign currency are recorded at the rate of exchange prevailing on the date when the relevant transaction take place.

>*) Monetary Items denominated in foreign currency at toe year end are restated at the year end rates. Any income or expenses on account of exchange differences either on settlement or on translation is recognized in the Statement of Profit and Loss except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.

iii) The premium or discount arising at the inception of forward exchange contract is amortized and recognized as an expenses / income overthe life of the contract. ''

l) Impairment

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value being higher of value in use and net selling price. An impairment loss is recognized as an expense in the Profit and Loss Account in the year in which an asset is impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount.

ml Taxation

Provision for current tax is made after taking in to consideration benefits admissible under toe provisions of the Income Tax Act, 1961, Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and law that are enacted or substantively enected as on the balance sheet date. Deferred tax assets is recognised and carried forward only to the extent that there is virtuat certainty that toe assets will be realised in future.

n) Govarnment Grants

Government grants are recognised only when there is resonable assurance that the company will comply with the conditions atteched to them and the grants will be received. Government Grants related to spedficassetsare presented in the Balance Sheet by showing the grant as a deduction from the gross value of the assets concerned in arriving at their book value.

o) Employee Benefits

(i) The company contributes to the employees provident fund maintained under the Employees Provident Fund Scheme of the Central Government and the same is charged to the Profit & Loss Account. The company has no obligation, other than the contribution payable to the provident fund. The company also contributes to the employees state insurance fund maintained under the "Employees State Insurance Scheme" of the Central Government and same is also charged to the profits loss account.

(ii) Gratuity Liability has been provided on the basis of acturial valuation. The company does not contributes to any fund for gratuity for its employees. The cost of providing benefits is determined on the basis of actuarial valuation at each year end using projected unit credit method. Actuarial gain and losses is recognized in the period in which they occur in the statement of profit and loss.

p) Provision & Contingent Liability

A provision is recognized when there is a present obligation as a result of past event, that probably requires an outflow of resources and a reliable estmate can be made to settle the amount of obligation.These are reviewed at each year end and adjusted to reflect the best current estmates. Contingent liabilities are not recognised but disclosed in the financial statements.


Mar 31, 2013

A) Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006,(as amended) and the relevant provisions of the Companies Act,1956. These financial statements have been prepared on an accrual basis and under the historical cost conventions.

b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known / materialized.

c) Revenue Recognition

i) Sales are recognized inclusive of discount and exclusive of VAT, if any.

ii) Export entitlement in the form of Duty Drawback, DEPB and other schemes are recognized in the statement of Profit & Loss when the right to receive credit as per the terms of scheme is established in respect of exports made and when there is no significant uncertainty regarding the ultimate collection.

iii) Insurance are accounted for on receipt basis or as acknowledged by the appropriate authorities.

d) Fixed Assets

Fixed Assets are stated at cost of acquisition/installation less accumulated depreciation and impairment losses, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use.

e) Depreciation

Depreciation on Fixed Assets is provided on Straight Line method at the rates and in the manner Specified in Schedule XIV of the Companies Act, 1956.

f) Investments

The Company does not have any Investment at the end of the year and its corresponding previous year.

g) Earnings Per Share

Basic and Diluted Earnings per shares are calculated by dividing the net profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year.

h) Inventories

Inventories are valued at lower of cost and net realizable value and as certified by the management. Cost of inventories comprises of cost of purchase and other incidental expenses, determined on FIFO basis. Net realizable value is the estimated selling price in the ordinary course of business.

i) Borrowing Cost

Borrowing Costs that are directly attributable to the acquisition or construction of Qualifying Assets are capitalized as part of cost of such assets. Other Borrowing Costs are charged as expense in the year in which these are incurred.

j) Segment Reporting

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

k) Impairment

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value being higher of value in use and net selling price. An impairment loss is recognized as an expense in the Profit and Loss Account in the year in which an asset is impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount.

I) Foreign Currency Transaction

i) All transactions in foreign currency are recorded at the rate of exchange prevailing on the date when the relevant transaction take place.

ii) Monetary items denominated in foreign currency at the yearend are restated at the yearend rates. Any income or expenses on account of exchange differences either on settlement or on translation is recognized in the Statement of Profit and Loss except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.

iii) The premium or discount arising at the inception of forward exchange contract is amortized and recognized as an expenses / income over the life of the contract.

m) Taxation

Provision for current tax is made after taking in to consideration benefits admissible under the provisions of the Income Tax Act, 1961, Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and law that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the assets will be realized in future.

n) Employee Benefits

i) The company contributes to the employee''s provident fund maintained under the Employees Provident Fund Scheme of the Central Government and the same is charged to the Profit & Loss Account. The company has no obligation, other than the contribution payable to the provident fund. The company also contributes to the employees state insurance fund maintained under the "Employees State Insurance Scheme" of the Central Government and same is also charged to the profit & loss account.

ii) Gratuity Liability has been provided on the basis of actuarial valuation. The company does not contributes to any fund for gratuity for its employees. The cost of providing benefits is determined on the basis of actuarial valuation at each year end using projected unit credit method .Actuarial gain and losses is recognized in the period in which they occur in the statement of profit and loss.

0) Provision & Contingent Liability

A provision is recognized when there is a present obligations a result of past event, that probably requires an outflow of resources and a reliable estimate can be made to settle the amount of obligation. These are reviewed at each year end and adjusted to reflect the best current estimates. Contingent liabilities are not recognized but disclosed in the financial statements.


Mar 31, 2012

1. General :- The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act 1956.

The Company generally follows the mercantile system of accounting and recognizes significant items of Income and Expenditure on accrual basis.

Accounting Policies not specifically referred to otherwise be consistent and in consonance with generally accepted accounting principles.

2. Revenue Recognition :- The export sales have been recognized on the date of issuance of Bill of Lading, at an average rate stated in shipment bill. However it can be recorded at the value calculated according to current exchange rate. Expenses and Income considered payables and receivables respectively are accounting for on accrual basis.

3. Fixed Assets :- Fixed assets are stated at their historical cost less depreciation till date.

4. Depreciation :- Depreciation has been provided on the basis of Straight Line Method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

5. Investments :- Company has no Investments

6. Inventories :-

Raw Material & Packing Material : At Cost

Finished Goods : As Cost or NRV whichever is lower Further Stock traded is recorded in weight, gross or net, as per receipts from the suppliers and sales to customers.

7. Retirement Benefits :-

No employee is eligible for gratuity benefits and has no leave accumulated entitling encashment at the end of the year. Hence no provision to the above effect was required to be made.

8. Provision for Deferred Tax Assets / (Liability) (AS22):- Deferred Tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods, should be recognized using the tax rate and tax laws that have been enacted or substantively enacted. Deferred Tax Assets are not recognized unless there is sufficient assurance with respect to reversal of the same to future years.

In accordance with Accounting Standard 22, "Accounting for Taxes on Income" issued by the institute of Chartered Accountants of India, the company has accounted for deferred tax.

9. Foreign Currency Transactions :- Transactions denominated in foreign currencies are normally recorded at the average exchange rate specified in the shipment bill at the time of the transaction.

Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss Account.

However year end balances of Foreign currency account and Debtors are translated using the rate prevailing at the year end (i.e.31st March) as per requirement of AS-12


Mar 31, 2011

1. General :- The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act 1956.

The Company generally follows the mercantile system of accounting and recognizes significant items of Income and Expenditure on accrual basis.

Accounting Policies not specifically referred to otherwise be consistent and in consonance with generally accepted accounting principles.

2. Revenue Recognition :- Expenses and Income considered payables and receivables respectively are accounting for on accrual basis.

3. Fixed Assets :- Fixed assets are stated at their historical cost less depreciation till date.

4. Depreciation :- Depreciation has been provided on the basis of Straight Line Method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

5. Investments :- Company has no Investments

6. Inventories :-

Raw Material & Packing Material : At Cost

Finished Goods : At Cost or NRV whichever is lower

7. Retirement Benefits :- No employee is eligible for gratuity benefits and has no leave accumulated entitling encashment at the end of the year. Hence no provision to the above effect was required to be made.

8. Provision for Deferred Tax Assets / (Liability) (AS22):- Deferred Tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods, should be recognized using the tax rate and tax laws that have been enacted or substantively enacted. Deferred Tax Assets are not recognized unless there is sufficient assurance with respect to reversal of the same to future years.

In accordance with Accounting Standard 22, "Accounting for Taxes on Income" issued by the institute of Chartered Accountants of India, the company has not accounted for deferred tax. The Company has significant amount of carried forward losses and unabsorbed depreciation under Income Tax Act 1961.

9. Foreign Currency Transactions :- Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss Account.

However year end balances of Foreign currency account and Debtors are translated using the rate prevailing at the year end (i.e.31st March) as per requirement of AS-11


Mar 31, 2010

1. General: The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

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

Accounting Policies not specifically referred to otherwise be consistent and in consonance with generally accepted accounting principles.

2. Revenue Recognition : Expenses and Income considered payable and receivable respectively are accounting for on accrual basis.

3. Fixed Assets:

Fixed assets are stated at their original cost of acquisition, including taxes, freight and other incidental expenses related to acquisition and installation of the concerned assets less depreciation till date.

4. Depreciation : Depreciation on fixed assets has been provided on straight line method on the cost of fixed assets as per the rates, provided in Schedule XTV of the Companies Act, 1956 Further, in case of addition, depreciation has been provided on pro-rata basis commencing from the date on which the asset is commissioned.

5. Investment: The Company has no Investments.

6. Inventories: Inventories are valued as under :-

1. Raw Material, Stores, Spares, Fuel, Packing Material : At Cost

2. Finished Goods : At Market Price or Net Realizable Value

7. Retirement Benefits

No employee is eligible for gratuity benefit and has no leave accumulated entitling encashment at the end of me year. Hence, no provision to the above effect was required to be made.

8. Provision for Deferred TaxAssets/(Liability) (AS22)

Deferred Tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods, should be recognized using the tax rate and tax laws that have been enacted or substantively unacted. Deferred Tax Assets are not recognized unless there is sufficient assurance with respect to reversal of the same to future years.

In accordance with Accounting Standard 22, "Accounting for Taxes on Income" issued by the institute of Chartered Accountants of India, the company has not accounted for deferred tax. The Company has significant amount of carried forward losses and unabsorbed depreciation under Income Tax Act, 1961.

9. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

Any income or expenses on account of exchange difference either on settlement or on translation is recognised in the Profit and Loss Account.

However year end balances of Foreign currency account and Debtors are translated using the rate prevailing at the year end (i.e.31st March) as per requirement of AS-11

 
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