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Accounting Policies of UTL Industries Ltd. Company

Mar 31, 2014

NOTE 1: Statement of Significant Accounting Policies and Practices (Annexed to and forming part of the financial statement for the year ended 31st March, 2014)

A. Basis of Presentation

The accounts have been prepared using historical cost convention and on the basis of a going concern, with revenues recognised and expenses accounted for on accrual (including for committed obligations), in accordance with the accounting standard prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable. Where changes in presentation are made, comparative figures for the previous year are regrouped accordingly.

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 amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognised in the period in which the results are known/ materialised.

C. Recognition of Income and Expenditure:

a) Revenues/Incomes and Costs/ Expenditure are generally accounted on accrual, as they are earned or incurred.

b) Sale of goods is recognized on transfer of property in goods or on transfer of significant risks and reward of ownership to the buyer, which is generally on despatch of goods.

D. Employee Benefits:

Gratuity and Earned Privilege Leaves are the retirement benefits available to the employees and the same have been determined on accrual basis. There are no eligible employees entitled for such benefits and therefore no provision has been made in respect of such benefits.

E. Accounting for Taxes on Income

Provision for current year Income Tax Expense compresses of Minimum Alternate Tax made on the basis of the assessable income at the tax rate applicable to the relevant assessment year.

F. Accounting for Deferred Taxes

In compliance with Accounting Standard 22 on Taxes on income issued by the Institute of Chartered Accountants of India, the Company has not disclosed net deferred tax liability as there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

G. Contingencies and Events occurring after the date of Balance Sheet

a) Accounting for contingencies (gains and loss) arising out of contractual obligations are made only on the basis of mutual acceptances.

b) Where material, events occurring after the date of Balance Sheet are considered up to the date of adoption of the accounts.

A) TERMS AND RIGHT ATTACH TO EQUITY SHARES

i) The Company has only one class of Equity Share haing a par value of Rs 10 per Shares. Each holder of equity share is entitled to one vote per share ii) In the event of liquidation, the holder of the equity shares will be entitled to receive remaining assetes of the company after distribution of prefrential amounts. The distribution will be in proporation to the number of equity shares held by the Share holders.


Mar 31, 2013

A. Basis of Presentation

The accounts have been prepared using historical cost convention and on the basis of a going concern, with revenues recognised and expenses accounted for on accrual (including for committed obligations), in accordance with the accounting standard prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable.

Where changes in presentation are made, comparative figures for the previous year are regrouped accordingly.

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 amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognised in the period in which the results are known/ materialised.

C. Recognition of Income and Expenditure:

a) Revenues/Incomes and Costs/ Expenditure are generally accounted on accrual, as they are earned or incurred.

b) Sale of goods is recognized on transfer of property in goods or on transfer of significant risks and reward of ownership to the buyer, which is generally on despatch of goods.

D. Employee Benefits:

Gratuity and Earned Privilege Leaves are the retirement benefits available to the employees and the same have been determined on accrual basis. There are no eligible employees entitled for such benefits and therefore no provision has been made in respect of such benefits.

E. Accounting for Taxes on Income

Provision for current year Income Tax Expense compresses of Minimum Alternate Tax made on the basis of the assessable income at the tax rate applicable to the relevant assessment year.

F. Accounting for Deferred Taxes

In compliance with Accounting Standard 22 on Taxes on income issued by the Institute of Chartered Accountants of India, the Company has not disclosed net deferred tax liability as there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

G. Contingencies and Events occurring after the date of Balance Sheet

a) Accounting for contingencies (gains and loss) arising out of contractual obligations are made only on the basis of mutual acceptances.

b) Where material, events occurring after the date of Balance Sheet are considered up to the date of adoption of the accounts.


Mar 31, 2012

Basis of Presentation

The accounts have been prepared using historical cost convention and on the basis of a going concern, with revenues recognised and expenses accounted for on accrual (including for committed obligations), in accordance with the accounting standard prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable.

Where changes in presentation are made, comparative figures for the previous year are regrouped accordingly.

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 amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known/ materialized.

Recognition of Incomes:

a) Revenues/Incomes are generally accounted on accrual, as they are earned.

b) Sale of goods is recognized on transfer of property in goods or on transfer of significant risks and reward of ownership to the buyer, which is generally on despatch of goods.

Employee Benefits:

Gratuity and Earned Privilege Leaves are the retirement benefits available to the employees and the same have been determined on accrual basis. There are no eligible employees entitled for such benefits and therefore no provision have been made in respect of such benefits.

Accounting for Taxes on Income

No provision for Current tax is made, as the company has incurred Loss during the year 2011-12.

F. Accounting for Deferred Taxes

In compliance with Accounting Standard 22 on Taxes on income issued by the Institute of Chartered Accountants of India, the Company has not disclosed net deferred tax liability as there is no certainty of sufficient taxable income being available against which such differed tax assets can be realised.

G. Contingencies and Events Occurring after the date of Balance Sheet

a) Accounting for contingencies (gains and loss) arising out of contractual obligations are made only on the basis of mutual acceptances.

b) Where material, events occurring after the date of Balance Sheet are considered up to the date of adoption of the accounts.


Mar 31, 2007

Basis of preparation of Financial Statements:

a) The financial statements have been prepared on historical cost convention of accounting and in accordance with the provisions of the Companies Act 1956 as amended, to the extent disclosed in the Notes. All income and expenditure having a material bearing on financial statements are recognised on accrual basis.

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

 
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