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Accounting Policies of Venmax Drugs & Pharmaceuticals Ltd. Company

Mar 31, 2014

1. ACCOUNTNG ASSUMPTIONS :

The accounts have been prepared under the historic cost convention on the basis of a going concern concept, with revenues recognized and expenses accounted for on their accrual with due provisions/adjustments for obligations that have been crystallized but not yet incurred.

2. SALES :

Sales include VAT.

3. BASIS OF PRESENTAION :

The structure of the accounts has been drawn in accordance with the Revised Schedule VI of the Companies Act, 1956.

4. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation. Cost includes freight, installation Charges, duties, taxes, and other incidental charges thereon.

5. DEPRECIATION:

Depreciation is charged on straight line method as per Schedule XIV of the Companies Act, 1956. Depreciation on assets acquired during the year is calculated on pro-rata basis with reference to the date of acquisition.

6. TAXATION:

Deferred Tax is recognized, subject to the consideration of prudence, on timing difference being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

7. INVENTORIES:

Inventories are valued as under.

a) Raw materials are valued at cost less VAT.

b) Finished goods are valued at cost price excluding Central Excise on them.

c) Excise duty is accounted for as and when the same is paid on the dispatch of the goods from the factory.

8. RETIREMENT BENEFITS

The company has a policy of paying retirement benefits to its employees as and when due.

9. INVESTMENTS:

Investments stated at cost.

10. MISCELLANEOUS EXPENDITURE:

All expenditure, the benefit of which is spread over a number of years grouped under Miscellaneous Expenditure to be amortized in five instalments from the year in which the benefit of such expenditure accrues.

Notes forming part of the Balance Sheet as at 31st March, 2014 and Profit and Loss statement for the period ended on that date.


Mar 31, 2013

1. ACCOUNTNG ASSUMPTIONS:

The accounts have been prepared under the historic cost convention on the basis of a going concern concept, with revenues recognized and expenses accounted for on their accrual with due provisions/adjustments for obligations that have been crystallized but not yet incurred.

2. SALES:

Sales exclude excise duty and VAT.

3. BASIS OF PRESENTAION:

The structure of the accounts has been drawn in accordance with the Revised Schedule VI of the Companies Act, 1956.

4. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation. Cost includes freight, installation Charges, duties, taxes, and other incidental charges thereon. The plant and

Machinery acquired during the year is capitalized net of CENVAT and VAT Credit available on such purchase.

5. DEPRECIATION:

Depreciation is charged on straight line method as per Schedule XIV of the Companies Act, 1956. Depreciation on assets acquired during the year is calculated on pro-rata basis with reference to the date of acquisition.

6. TAXATION:

Deferred Tax is recognized, subject to the consideration of prudence, on timing difference being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

7. INVENTORIES:

Inventories are valued as under.

a) Raw materials are valued at cost less CENVAT & VAT.

b) Finished goods are valued at cost price excluding Central Excise on them.

c) Excise duty is accounted for as and when the same is paid on the dispatch of the goods from the factory.

8. RETIREMENT BENEFITS

The company has a policy of paying retirement benefits to its employees as and when due.

9. INVESTMENTS:

Investments stated at cost.

10. MISCELLANEOUS EXPENDITURE:

All expenditure, the benefit of which is spread over a number of years grouped under Miscellaneous Expenditure to be amortized in five installments from the year in which the benefit of such expenditure accrues.


Mar 31, 2012

1. ACCOUNTNG ASSUMPTIONS :

The accounts have been prepared under the historic cost convention on the basis of a going concern concept' with revenues recognized and expenses accounted for on their accrual with due provisions/adjustments for obligations that have been crystallized but not yet incurred.

2. SALES:

Sales exclude excise duty and VAT.

3. BASIS OF PRESENTAION :

The structure of the accounts has been drawn in accordance with the Revised Schedule VI of the Companies Act' 1956.

4. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation. Cost includes freight' installation Charges' duties' taxes' and other incidental charges thereon. The plant and Machinery acquired during the year is capitalized net of CENVAT and VAT Credit available on such purchase.

5. DEPRECIATION:

Depreciation is charged on straight line method as per Schedule XIV of the Companies Act' 1956 Depreciation on assets acquired during the year is calculated on pro-rata basis with reference to the date of acquisition.

6. TAXATION:

Deferred Tax is recognized' subject to the consideration of prudence' on timing difference being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

7. INVENTORIES: Inventories are valued as u ider.

a) Raw materials are valued at cost less CENVAT & VAT.

b) Finished goods are valued at cost price excluding Central Excise on them.

c) Excise duty is accounted for as and when the same is paid on the dispatch of the goods from the factory.

8. RETIREMENT BENEFITS

The company has a policy of paying retirement benefits to its employees as and when due.

9. INVESTMENTS: Investments stated at cost.

10. MISCELLANEOUS EXPENDITURE:

All expenditure' the benefit of which is spread over a number of years grouped under Miscellaneous Expenditure to be amortized in five installments from the year in which the benefit of such expenditure accrues.


Mar 31, 2011

1.ACCOUNTNG ASSUMPTIONS:

The accounts have been prepared under the historic cost convention on the basis of a going concern concept, with revenues recognized and expenses accounted for on their accrual with due provisions/adjustments for obligations that have been crystallized but not yet incurred.

2. SALES:

Sales exclude excise duty and VAT.

3. BASIS OF PRESENTAION :

The structure of the accounts has been drawn in accordance with the Schedule VI of the Companies Act, 1956.

4. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation. Cost includes freight, installation Charges, duties, taxes, and other incidental charges thereon. The plant and Machinery acquired during the year is capitalized net of CENVAT and VAT Credit available on such purchase.

5. DEPRECIATION:

Depreciation is charged on straight line method as per Schedule XIV of the Companies Act, 1956. Depreciation on assets acquired during the year is calculated on pro-rata basis with reference to the date of acquisition.

6. TAXATION:

Deferred Tax is recognized, subject to the consideration of prudence, on timing difference being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

7. INVENTORIES:

Inventories are valued as under.

a) Raw materials are valued at cost less CENVAT & VAT.

b) Finished goods are valued at cost price excluding Central Excise on them.

c) Excise duty is accounted for as and when the same is paid on the dispatch of the goods from the factory.

8. RETIREMENT BENEFITS

The company has a policy of paying retirement benefits to its employees as and when due.

9. INVESTMENTS: Investments stated at cost.

10. MISCELLANEOUS EXPENDITURE:

All expenditure, the benefit of which is spread over a number of years grouped under Miscellaneous Expenditure to be amortized in five installments from the year in which the benefit of such expenditure accrues.1.ACCOUNTNG ASSUMPTIONS:

The accounts have been prepared under the historic cost convention on the basis of a going concern concept, with revenues recognized and expenses accounted for on their accrual with due provisions/adjustments for obligations that have been crystallized but not yet incurred.

2. SALES:

Sales exclude excise duty and VAT.

3. BASIS OF PRESENTAION :

The structure of the accounts has been drawn in accordance with the Schedule VI of the Companies Act, 1956.

4. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation. Cost includes freight, installation Charges, duties, taxes, and other incidental charges thereon. The plant and Machinery acquired during the year is capitalized net of CENVAT and VAT Credit available on such purchase.

5. DEPRECIATION:

Depreciation is charged on straight line method as per Schedule XIV of the Companies Act, 1956. Depreciation on assets acquired during the year is calculated on pro-rata basis with reference to the date of acquisition.

6. TAXATION:

Deferred Tax is recognized, subject to the consideration of prudence, on timing difference being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

7. INVENTORIES:

Inventories are valued as under.

a) Raw materials are valued at cost less CENVAT & VAT.

b) Finished goods are valued at cost price excluding Central Excise on them.

c) Excise duty is accounted for as and when the same is paid on the dispatch of the goods from the factory.

8. RETIREMENT BENEFITS

The company has a policy of paying retirement benefits to its employees as and when due.

9. INVESTMENTS: Investments stated at cost.

10. MISCELLANEOUS EXPENDITURE:

All expenditure, the benefit of which is spread over a number of years grouped under Miscellaneous Expenditure to be amortized in five installments from the year in which the benefit of such expenditure accrues.


Mar 31, 2009

1.SECURED LOANS :

Working Capital from Union Bank of India is secured by hypothecation of the stocks of raw materials, packing materials, work-in-process and finished goods and also consumables stores and lien on all receivables and personal guarantee of Promoter Directors and second charges of fixed assets.

2.DEPRECIATION

Depreciation on fixed assets provided as per the rate prescribed in Schedule XIV of the Companies Act, 1956 on straight lone method. The depreciation in the current year taken on Plant and Machinery on single shift basis, because the Company operated for one shift only. The depreciation on vehicle has not been provided because it has not been transferred in the name of Company.

3. No bonus has been paid or provided during the period in the accounts of the Company.

4. INVENTORIES:

Excise duty has not been provided on finished goods not Cleared from the factory. However, this has no bearing on the profit/loss for the Current year.

5.INCOME TAX:

Since the Company has carried forward loses and it is is sick unit under rehabilitation no provision is made for Income Tax or MAT.

 
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