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Accounting Policies of Welterman International Ltd. Company

Mar 31, 2014

A. Basis of Presentation

The accounts have been prepared using historical ooai convention and on the basis of a going concern, with revenues recognised and expenses accounted for on accrual (Including tor com mitted obligations), in accordance with the accounting standard prescribed ui the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the Matronal Advisory Committee on Accounting Standards, to the extent applicable. Insurance and other dams are accounted tor, as and when admitted by the appropriate authorises.

B. Fixed Assets

a) Capitalized at acquisition cost Including directly attributable cost such as freight Insurance and specific installation charge for bringing the asset to its working condition for use.

b) Expenditure relating to existing fixed assets Is added to the oast of the assets where it Increases Hib performanceflife of the assets as assessed earlier.

C. Depreciation

Depreciation is charged on Plant and Machineries as per Written down Value method and on the Other Assets as per the Straight line Method from the dam of installstton/use asset at the rates and in (he manner prescribed under schedule XIV to the Companies Act, 1956.

D. Investments

Long Term Investments are stated at costless provision, if any, lordedine other than temporary in their value.

E. Valuation of Inventories

Inventories ere valued as under: Raw Materials, Work in Progress, Trading Goods and Finished Goods are vb! ued at lower of Cost or Net Realizable Value using First in First Out Method.

F. Recognition of Incomes:

?) Revenues' /lncomes are generally accounted on -accrual, as they are earned.

b) Sale of goods Is recognized on transfer of property ;n goods or on transfer of SIgnffleant risks and reward of ownership lo the buyer, which is generally on dispatch of goods.

G. Contingencies and events occurring after the date of Balance sheet

a) Accounting for contingencies (gai ns and las ses) arising nut of contractual obfigatians ars made only nn the basis of mutual acceptance.

o) Where material, events cccurring after fhe dare of Balance Sheet are considered up to the date of adoption of the accounts,

H. Foreign Currency Transactions

Transactions in foreign currency ana recorded at the rotas of exchange in force at the lime of occuraence the transactions. upon realisation, the resultant adjusted in the respective account.

i. Prior Period items

Prior Period and Extra Ordinary items and Changes in Accounting Policies, having a matenail bearing on the financial affairs of the Company are disclosed separately along with the amount by which any Item in the financial StatCunarcls is affected by Such change wherever same is available.

J. Impairment of Assets;

The carrying amounts of assets are reviewed at each balanoe sheet date if Shore is any indication of impa indent based on internalsexternal factors. Ah asset Is impaired when the Carrying a mount of Lhe asset exceeds the recoverable amount An impaimwit loss ;5 charged la the Profit & Loss Acco urn in t h e ye a r in which an asse t is i d enllf ie d as impan ud. An impairment loss recognized in prior accounting penuds is reversed itthere has been ctcunge rn the esti mate of the teeovemola amount.

K. Use of Estimates :

The prep arm on statements in nforroity with generally acceded accounting ur irtdples requires estimates and assumptions to be made that affect lhe reported annou nl of assets and tia h .lilies on the dele of the find riCia I S talem an ts and the reported amou nls d revenues and expenses during the reporting pa nod. Ddfarerces between actual resu ts and estimates are recognized In the period in which the resulls ere knewnfmaterialized.

L. Borrowing Costs :

I merest and other borrowing costs attributable to qualifying assets are capital sad Other interest and burrowing ou sts am charged tp revenue


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 recognized 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. Insurance and other claims are accounted for, as and when admitted by the appropriate authorities.

B. Fixed Assets

a) Capitalized at acquisition cost including directly attributable cost such as freight insurance and specific installation charge for bringing the asset to its working condition for use

b) Expenditure relating to existing fixed assets is added to the cost of the assets where it increases the performance/life of the assets as assessed earlier.

C. Depreciation

Depreciation is charged on Plant and Machineries as per Written down Value method and on the Other Assets as per the Straight Line Method from the date of installation/use asset at the rates and in the manner prescribed under schedule X1V to the Companies Act, 1956.

D. Investments

Long Term Investments are stated at cost less provision, if any, for decline other than temporary in their value.

E. Valuation of Inventories

Inventories are valued as under : Raw Materials, Work in Progress, Trading Goods and Finished Goods are valued at lower of Cost or Net Realizable Value using First in First Out Method.

F. 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 dispatch of goods.

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

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

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

H. Foreign Currency Transactions

Transactions in foreign currency are recorded at the rates of exchange in force at the time of occurrence of the transactions. Upon realisation, the resultant gain/loss is adjusted in the respective account.

I. Prior Period Items

Prior Period and Extra Ordinary items and Changes in Accounting Policies, having a material bearing on the financial affairs of the Company are disclosed separately along with the amount by which any item In the financial statements is affected by such change wherever same is available

J. Impairment of Assets:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

K. 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.

L. Borrowing Costs:

Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to revenue


Mar 31, 2012

(A) Basis of Presentation

The accounts have been prepared using historical cost convention and on the basis of a going concern, with revenues recognized 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. Insurance and other claims are accounted for, as and when admitted by the appropriate authorities.

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

(B) Fixed Assets

(a) Capitalized at acquisition cost including directly attributable cost such as freight insurance and specific installation charge for bringing the asset to its working condition for use

(b) Expenditure relating to existing fixed assets is added to the cost of the assets where it increases the performance/life of the assets as assessed earlier.

(C) Depreciation

Depreciation is charged on Plant and Machineries as per Written down Value method and on the Other Assets as per the Straight Line Method from the date of installation/use asset at the rates and in the manner prescribed under schedule X1V to the Companies Act, 1956.

(D) Investments

Long Term Investments are stated at cost less provision, if any, for decline other than temporary in their value.

(E) Valuation of Inventories

Inventories are valued as under :

Raw Materials, Work in Progress, Trading Goods and Finished Goods are valued at lower of Cost or Net Realizable Value using First in First Out Method.

(F) 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 dispatch of goods.

(G) Contingencies and Events Occurring After the Date of Balance Sheet

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

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

(H) Foreign Currency Transactions

Transactions in foreign currency are recorded at the rates of exchange in force at the time of occurrence of the transactions. Upon realisation, the resultant gain/loss is adjusted in the respective account.

(I) Payments made under VRS Scheme

Payments made under Voluntary Retirement Scheme, are mortised over a period of 5 Years commencing from the year of payment.

(J) Prior Period Items

Prior Period and Extra Ordinary items and Changes in Accounting Policies, having a material bearing on the financial affairs of the Company are disclosed separately along with the amount by which any item In the financial statements is affected by such change wherever same is available

(K) Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

(L) 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.


Mar 31, 2010

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

(B) Fixed Assets

(a) Capitalized at acquisition cost including directly attributable cost such as freight insurance and specific installation charge for bringing the asset to its working condition for use.

(b) Expenditure relating to existing fixed assets is added to the cost of the assets where it increases the performance/life of the assets as assessed earlier.

(C) Depreciation

Depreciation is charged on Plant and Machineries as per Written Down Value method and on the Other Assets as per the Straight Line Method from the date of installation/use asset at the rates and in the manner prescribed under schedule X1V to the Companies Act, 1956.

(D) Investments

Long Term Investments are stated at cost less provision, if any, for decline other than temporary in their value.

(E) Valuation of Inventories

Inventories are valued as under :

(a) Raw Materials, Work in Progress, Trading Goods and Finished Goods are valued at lower of Cost or Net Realisable Value using First in First Out Method.

(b) Stores and Spares, Machinery Parts and Packing Materials are valued at cost using First in First out method.

(F) Sales

Sales are inclusive of Excise duty and exclusive of Sales Tax, VAT if any.

(G) Contingencies and Events Occurring After the Date of Balance Sheet

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

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

(H) Benefits to Workmen

Gratuity and encashment of earned privilege leaves are the retirement benefits available to the employees when they leave the job. Liabilities in respect of such benefits as on the last day of the year under report have been determined on the basis of actuarial valuation and have been provided in the books of accounts.

(I) Foreign Currency Transactions

Transactions in foreign currency are recorded at the rates of exchange in force at the time of occurrence of the transactions. Upon realisation, the resultant gain/loss are adjusted in the respective account.

(J) Payments made under VRS Scheme

Payments made under Voluntary Retirement Scheme, are amortized over a period of 5 Years commencing from the year of payment.


Mar 31, 2009

(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, in eluding for committed obligations.

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

(B) Fixed Assets

(a) Capitalized at acquisition cost including directly attributable cost such as freight insurance and specific installation charge for bringing the asset to its working condition for use.

(b) Expenditure relating to existing fixed assets is added to the cost of the assets where it increases the performance/life of the assets as assessed earlier.

(C) Depreciation

Depreciation is charged on Plant and Machineries as per Written Down Value method and on the Other Assets as per the Straight Line Method from the date of installation/use asset at the rates and in the manner prescribed under schedule X1V to the Companies Act, 1956.

(D) Investments

Long Term Investments are stated at cost less provision, if any, for decline other than temporary in their value.

(E) Valuation of Inventories

Inventories are valued as under:

(a) Raw Materials, Work in Progress, Trading Goods and Finished Goods are valued at lower of Cost or Net Realisable Value using First in First Out Method.

(b) Stores and Spares, Machinery Parts and Packing Materials are valued at cost using First in First out method.

(F) Sales

Sales are inclusive of Excise duty and exclusive of Sales Tax, VAT if any.

(G) Contingencies and Events Occurring After the Date of Balance Sheet

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

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

H) Benefits to Workmen

Gratuity and encashment of earned privilege leaves are the retirement benefits avail able to the employees when they leave the job. Liabilities in respect of such benefits as on the last day of the year under report have been determined on the basis of actuarial valuation and have been provided in the books of accounts.

(J) Payments made under VRS Scheme

Payments made under Voluntary Retirement Scheme, are amortised over a period of 5 Years commencing from the year of payment.

 
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