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Accounting Policies of Welcure Drugs & Pharmaceuticals Ltd. Company

Mar 31, 2015

1. SIGNIFICANT ACCOUNTING POLICIES

1.1 Basis of Accounting: The financial statements are prepared under historical cost convention and comply with the notified accounting standards of Companies Accounting Standards Rules, 2006.

1.2 Use of Estimates :The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the result of operations during the reporting period end Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

1.3 Revenue Recognition: Revenue is recognised on accrual basis.

1.4 Taxation : Provision for Taxation comprises of Income Tax Liability on the profits for the year chargeable to tax and Deferred Tax resulting from timing differences between Book and Tax profits. The Deferred Tax assets/ Liability is provided in accordance with the Accounting standard- 22(AS-22), "Accounting for Taxes on Income".

Where Minium Alternate Tax (MAT) is applicable, it is provided in the statement of Profit and Loss irrespective of the Tax Credit benefits envisaged in the Income Tax Act, 1961.

1.5 Cash and Cash Equivalents: Cash and Cash Equivalents for the purposes of cash flow statement comprise cash at bank and in hand.


Mar 31, 2014

1.1 Basis of Accounting: The financial statements are prepared under historical cost convention and comply with the notified accounting standards of Companies Accounting Standards Rules, 2006.

1.2 Use of Estimates :The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the result of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

1.3 Revenue Recognition : Revenue is recognised on accrual basis.

1.4 Taxation : Provision for Taxation comprises of Income Tax Liability on the profits for the year chargeable to tax and Deferred Tax resulting from timing differences between Book and Tax profits. The Deferred Tax assets/ Liability is provided in accordance with the Accounting standard- 22(AS-22), "Accounting for Taxes on Income".

Where Minium Alternate Tax (MAT) is applicable, it is provided in the statement of Profit and Loss irrespective of the Tax Credit benefits envisaged in the Income Tax Act, 1961.

1.5 Cash and Cash Equivalents : Cash and Cash Equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

2(b)Terms/ Rights attached to Equity Shares

The company has only one class of equity shares having a face value of Rs. 10 per share. Each equity shareholder is entitled to one vote per share. In the event of winding up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company in the ratio of the amount of capital paid up on such equity shares.


Mar 31, 2013

1.1 Basis of Accounting; The financial statements are prepared under historical cost convention and comply with the notified accounting standards of Companies Accounting Standards Rules, 2006 12 Use of Estimate to

1.2 The preparation of financial statements if conformity with generally accepted d ac co uniting principles requires management to mace estimates and assumptions that affect the reported amounts of assets and liabilities at tie date of the financial statements and the result of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

1.3 Revenue Recognition: Revenue is recognized on accrual basis.

1.4 Taxation: Provision for Taxation comprises of Income tax Liability on the profits for the year chargeable to tax and Offered Tax resulting from timing differences between Book and Tax profits. The Deferred Tax assets/ Liability is provided in accordance with the Accounting standard-22(AS-22), "Accounting or Taxes on Income".

Where Minimum Alternate Tax (MAT) is applicable, it is provided in the statement of Profit and Loss irrespective of the Tax Credit benefits envisaged 111 the income Tax Act. 1961.

1.5 Cash and Cash Equivalents: Cash and Cash Equivalents for the purposes of cash flow statement comprise cash at bank and in hand ;


Mar 31, 2012

(a) Basis of Accounting: The financial statements are prepared under historical cost convention and comply with the notified accounting standards of Companies Accounting Standards Rules, 2006.

(b) Use of Estimates :The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the result of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

(c) Excise Duty : Excise Duties recovered are included in the sale of product. Purchases are being shown at a figure net of excise duty.

(d) Revenue Recognition: Revenue is recognized on accrual basis.

(e) Depreciation : Depreciation is provided under the straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

(f) Taxation: Provision for Taxation comprises of Income Tax Liability on the profits for the year chargeable to tax and Deferred Tax resulting from timing differences between Book and Tax profits, The Deferred Tax assets/ Liability is provided in accordance with the accounting standard 22(AS-22), "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Where Minim Alternate Tax (MAT) is applicable, it is provided in the Profit and Loss Account irrespective of the Tax Credit benefits envisaged in the Income Tax Act, 1961.


Mar 31, 2011

(a) Basis of Accounting : The financial statements are prepared under historical cost convention and comply with the notified accounting standards of Companies Accounting Standards Rules. 2006.

(b) Use of Estimates :The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the result of operations during the reporting period end. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates.

(c) Excise Duty : Excise Duties recovered are included in the sale of product. Purchases are being shown at a figure net of excise duty.

(d) Revenue Recognition : Revenue is recognised on accrual basis.

(e) Depreciation : Depreciation is provided under the straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

(f) Taxation : Provision for Taxation comprises of Income Tax Liability on the profits for the year chargeable to tax and Deferred Tax resulting from timing differences between Book and Tax profits, The Deferred Tax assets/ Liability is provided in accordance with the accounting standard 22(AS-22), "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Where Minium Alternate Tax (MAT) is applicable, it is provided in the Profit and Loss Account irrespective of the Tax Credit benefits envisaged in the Income Tax Act, 1961.


Mar 31, 2010

(a) Basis of Accounting : The financial statements are prepared under historical cost convention on a going concern basis and comply with the notified accounting standards of Companies Accounting Standards Rules, 2006.

(b) Use of Estimates :The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the result of operations during the reporting pehod end. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates.

(c) Fixed Assets : All Fixed Assets have been valued at cost (net of Cenvat, where applicable). All cost incidental to the acquisition and installation of the assets are capitalised.

(d) Excise Duty : Excise Duties recovered are included in the sale of product. Purchases are being shown at a figure net of excise duty.

je) Inventories : Inventories of raw material, Packing material & Work in Progress are valued at cost; and finished goods are valued at cost or net recognized value which ever is lower. Finished goods-trading are valued at cost. Raw Material in hand is valued at FIFO basis and packing materials at weighted average basis.

(f) Investments: Investments are stated at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

(g) Revenue Recognition : Revenue is recognised on accrual basis.

(h) Depreciation : Depreciation is provided under the straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. In respect of additions during the year, depreciation has been provided on pro-rata basis.

(i) Provisions for Doubtful Debts : Provisions for doubtful debts are made in cases where collection of debt is uncertain.

(j) Taxation : Provision of Taxation comprises of Income Tax Liability on the profits for the year chargeable to tax and Deferred Tax resulting from timing differences between Book and Tax profits, The Deferred Tax assets/ Liability is provided in accordance with the accounting standard 22 (AS-22), "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Where Minium Alternate Tax (MAT) is applicable, it is provided in the Profit and Loss Account irrespective of the Tax Credit benefits envisaged in the Income Tax Act, 1961.

 
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