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Accounting Policies of Vinyoflex Ltd. Company

Mar 31, 2015

[a] Fixed Assets :

All fixed assets are valued at Historical cost less depreciation.

[b] Depreciation :

Depreciation is provided on Straight Line Basis at the rate provided by Part "C" of the Companies Act 2013. Pursuant to the enactment of Companies Act, 2013, the Company has applied the estimated useful lives as specified in Schedule - II. Accordingly the unamortised carrying value is being depreciated over the revised / remaining useful lives. The carrying value of the asset net of residual value, whose lives have expired as at 01.04.2014, have been adjusted in the opening balance of profit and loss account amounting to Rs. 2805243.00

[c] Inventories:

- Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat

- Goods in process is valued at estimated cost or net realisable value whichever is

- Finished goods are valued at sales price or net realisable value which ever is lower and include duty payable.

[d] Sales:

Sales are steed net of excise duty and sales tax.

[e] Excise Duty:

Liability for excise duty on finished goods is duly accounted for.

[f] Cenvat:

Cenvat benefit is accounted for on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such duty.

[g] Preliminary & Public Issue Expenses :

Preliminary and public issue expenses are shown under the head Miscellanous Expenditure to the extent not written off 1/10th is written of every year to the profit and loss account.

[h] Investments :

Investments are valued at cost

[i] Employee Benefits :

(1) Provident Fund contribution & leave encashment are duly accounted for each year

(2) No provision for gratuity has been made in the books of account.

[j] Recognition of Income & Expenditure :

The company id following accrued method of accounting except bonus, non recurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.


Mar 31, 2014

[a] Fixed Assets:

All fixed assets are valued at Historical cost less depreciation.

[b] Depreciation:

Depreciation is provided on Straight Line Basis at the rate provided by schedule XIV of the Companies Act 1956.

[c] Inventories:

* Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat

* Goods in process is valued at estimated cost or net realisable value whichever is

* Finished goods are vaued at sales price or net realisable value which ever is lower and include duty payble.

[d] Sales:

Sales arested net of excise duty and sales tax.

[e] Excise Duty:

Liability for excise duty on finished goods is duly accounted for.

[f] Cenvat:

Cenvat benefit is accounted for on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such duty.

[g] Preliminary & Public Issue Expenses :

Preliminary and public issue expenses are shown under the head Miscellanous Expenditure to the extent not written off 1/10th is written of every year to the profit and loss account.

[h] Investments:

Investments are valued at cost

[i] Employee Benefits:

(1) Provident Fund contribution & leave encashment are duly accounted for each year

(2) No provision for gratuity has been made in the books of account.

[j] Recognition of Income & Expenditure :

The company id following accrued method of accounting except bonus, non rcurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.


Mar 31, 2013

[a] Fixed Assets:

All fixed assets are valued at Historical cost less depreciation.

[b] Depreciation:

Depreciation is provided on Straight Line Basis at the rate provided by schedule XIV of the Companies Act 1956.

[c] Inventories:

- Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat

- Goods in process is valued at estimated cost or net realisable value whichever is

- Finished goods are vaued at sales price or net realisable value which ever is lower and include duty payble.

[d] Sales:

Sales are sted net of excise duty and sales tax.

[e] Excise Duty:

Liability for excise duty on finished goods is duly accounted for. If] Cenvat:

Cenvat benefit is accounted for on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such duty.

[g] Preliminary & Public Issue Expenses :

Preliminary and public issue expenses are shown under the head Miscellanous Expenditure to the extent not written off 1/1 Oth is written of every year to the profit and loss account.

[h] Investments:

Investments are valued at cost

[i] Employee Benefits:

(1) Provident Fund contribution & leave encashment are duly accounted for each year

(2) No provision for gratuity has been made in the books of account.

[j] Recognition of Income & Expenditure :

The company id following accrued method of accounting except bonus, non rcurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.


Mar 31, 2012

(a) Fixed Assets:

All fixed assets are valued at Historical cost less depreciation.

(b) Depreciation :

Depreciation is provided on Straight Line Basis at the rate provided by schedule XIV of the Companies Act 1956

(c) Inventories:

- Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat

- Goods in process is valued at estimated cost or net realisable value whichever is

- Finished goods are valued at sales price or net realisable value which ever is lower and include duty payable.

(d) Sales:

Sales are stated net of excise duty and sales tax.

(e) Excise Duty:

Liability for excise duty on finished goods is duly accounted for.

(f) Cenvat:

Cenvat benefit is accounted for on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such duty.

(g) Preliminary & Public Issue Expenses :

Preliminary and public issue expenses are shown under the head Miscellaneous Expenditure to the extent not written off 1/10th is written of every year to the profit and loss account.

(h) Investments :

Investments are valued at cost

(i) Employee Benefits:

(1) Provident Fund contribution & leave encashment are duly accounted for each year.

(2) No provision for gratuity has been made in the books of account.

j) Recognition of Income & Expenditure :

The company id following accrued method of accounting except bonus, non recurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.


Mar 31, 2010

A) FIXED ASSETS : All fixed Assets are valued at Historical cost less depreciation.

b) DEPRECIATION: Depreciation is provided on Straight Line Basis at the rate provided by schedule XIV of the Companies .Act 1956.

c) INVENTORIES : Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat.. Goods in process is valued at estimated cost or net realisable value whichever is Finished goods are vaued at sales price or net realisable value which ever is lower and include excise duty payable.

d) SALES : Sales are stated net of excise duty and sales tax.

e) EXCISE DUTY: Liability for excise duty on finished good is duly accounted for.

f) CENVAT: Cenvat benefit is accounted for on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such

g) PRELIMINARY & PUBLIC ISSUE EXPENSES: Preliminary and public issue expenses are shown under the head Miscellanous Expenditure to the extent not written off I/10th is written off every year to the profit and loss account.

h) INVESTMENTS: Investments are valued at cost.

i) EMPLOYEE BENEFITS : (1) Provident Fund contribution & leave encashment are duly accounted for each year

(2) No provision for gratuity lias been made in the books of account.

j) RECOGNITION OT INCOME & EXPENDITURE: Tital company is following cicciued method of accounting except bonus., non rcurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.


Mar 31, 2009

[a] FIXED ASSETS :All fixed Assets are valued at Historical cost less depreciation.

[b] DEPRECIATION :Depreciation is provided on Straight Line Basis at the rate provided by schedule XIV of the Companies

[c] INVENTORIES : Raw Materials are valued at cost or net realisable value whichever is lower, but net of Cenvat..Goods in process is valued at estimated cost or net realisable value whichever is Finished goods are valued at sales price or net realisable yalue^ which ever is lower and include excise duty payable.

[d] SALES : Sales are stated net of excise duty and sales tax.

[e] EXCISE DUTY : Liability for excise duty on finished good is duly accounted for.

[f] CENVAT : Cenvat benefit is accounted tor on purchases of raw material and appropriated against payment of excise duty on clearance of finished goods. Purchases, stock of raw materials etc. are exclusive of such

[g] PRELIMINARY & PUBLIC ISSUE EXPENSES : Preliminary and public issue expenses are shown under the head Miscellanous Expenditure to the extent not written off I/ 10th is written off every year to the profit and loss account.

[h] INVESTMENTS: Investments are valued at cost,

[i] GRATUITYNo provision for gratuity has been made in the books of account,

[j] RECOGNITION OF INCOME & EXPENDITURE: The company is following accrued method of accounting except bonus, non rcurring & misc. income and expenditures as the impact of non provision is not material on the profit and loss of the Company.



 
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