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Accounting Policies of York Exports Ltd. Company

Mar 31, 2014

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and incidental expenses.

(b) Depreciation has been provided on written down value method on pro-rata basis at the rates and manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

Investments are carried at cost and provision is made in the accounts for diminution in the value of quoted investment

iii) Inventories Valuation

Raw materials, stores and spares and packing materials at cost, work in process at raw materials cost plus conversion cost depending on the stage of completion, finished goods at cost or net realisable value whichever is less and waste/damaged goods etc. at estimated realisable value.

iv) Employees Benefits

(a) Gratuity- Provision for liability in respect of gratuity is accounted for on the basis of an independent actuarial valuation. The present value of defined benefit obligation as at the end of the year is determined using the projected Unit Credit method i.e. each period of service rendered by the employee is considered to give rise to an additional unit of benefit entitlement, gradually building up the final obligation.

(b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

(c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

v) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat.

vi) Reorganization of Income & Expenditure

All incomes and expenditures are accounted for on accrued basis except insurance claims, which are being accounted for on receipt basis.

vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made in the accounts in respect of liabilities which are acknowledged by the company and which have material effect on the position stated in the balance sheet.

viii) Impairment of assets

At each balance sheet date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that the assets suffered any impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment of loss. Recoverable amount is higher of the assets net selling price and value in use. In assessing value in use, estimated future cash flows expected from the continuing use of the assets and from its disposal are discounted to their present value using a pretax discount rate that reflects the current market assessment of time value of money and the risks specific to the assets.

ix) Taxes on Income including Deferred Tax

Current tax is determined as the amount of tax payable in respect of income for the period.

Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between the taxable income and accounting income that originate in one year and are capable of reversal in one or more year. Deferred tax assets are not recognized unless there is a sufficient assurance with respect to its reversal in future years.

x) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction. Exchange differences arising on settlement / conversion of foreign currency transaction are included in the profit and loss account.


Mar 31, 2013

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and incidental expenses.

(b) Depreciation has been provided on written down value method on pro-rata basis at the rates and manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

Investments are carried at cost and provision is made in the accounts for diminution in the value of quoted investment

iii) Inventories Valuation

Raw materials, stores and spares and packing materials at cost, work in process at raw materials cost plus conversion cost depending on the stage of completion, finished goods at cost or net realisable value whichever is less and waste/damaged goods etc. at estimated realisable value.

iv) Employees Benefits

a) The gratuity is charged to revenue on cash basis, so no provision has been made for gratuity. The accrued liability as on 31st March, 2013 in respect of gratuity is Rs.27,19,038/-(Previous year Rs.24,97,325/-)

b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

v) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat.

vi) Reorganization of Income & Expenditure

All incomes and expenditures are accounted for on accrued basis except insurance claims, which are being accounted for on receipt basis.

vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made in the accounts in respect of liabilities which are acknowledged by the company and which have material effect on the position stated in the balance sheet.

viii) Impairment of assets

At each balance sheet date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that the assets suffered any impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment of loss. Recoverable amount is higher of the assets net selling price and value in use. In assessing value in use, estimated future cash flows expected from the continuing use of the assets and from its disposal are discounted to their present value using a pretax discount rate that reflects the current market assessment of time value of money and the risks specific to the assets.

ix) Taxes on Income including Deferred Tax

Current tax is determined as the amount of tax payable in respect of income for the period. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between the taxable income and accounting income that originate in one year and are capable of reversal in one or more year. Deferred tax assets are not recognized unless there is a sufficient assurance with respect to its reversal in future years.

x) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction. Exchange differences arising on settlement / conversion of foreign currency transaction are included in the profit and loss account.


Mar 31, 2012

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and incidental expenses.

(b) Depreciation has been provided on written down value method on pro-rata basis at the rates and manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

Investments are carried at cost and provision is made in the accounts for diminution in the value of quoted investment

iii) Inventories Valuation

Raw materials, stores and spares and packing materials at cost, work in process at raw materials cost plus conversion cost depending on the stage of completion, finished goods at cost or net realisable value whichever is less and waste/damaged goods etc. at estimated realisable value.

iv) Employees Benefits

a) The gratuity is charged to revenue on cash basis, so no provision has been made for gratuity. The accrued liability as on 31st March, 2012 in respect of gratuity is Rs.24.97,325/-(Previous year Rs.20,40,529/-)

b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

v) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat

vi) Reorganization of Income & Expenditure

All incomes and expenditures are accounted for on accrued basis except insurance claims, which are being accounted for on receipt basis.

vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made in the accounts in respect of liabilities which are acknowledged by the company and which have material effect on the position stated in the balance sheet.

viii) Impairment of assets

At each balance sheet date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that the assets suffered any impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment of loss. Recoverable amount is higher of the assets net selling price and value in use. In assessing value in use, estimated future cash flows expected from the continuing use of the assets and from its disposal are discounted to their present value using a pretax discount rate that reflects the current market assessment of time value of money and the risks specific to the assets.

ix) Taxes on Income including Deferred Tax

Current tax is determined as the amount of tax payable in respect of income for the period. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between the taxable income and accounting income that originate in one year and are capable of reversal in one or more year. Deferred tax assets are not recognized unless there is a sufficient assurance with respect to its reversal in future years.

x) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction. Exchange differences arising on settlement / conversion of foreign currency transaction are included in the profit and loss account.


Mar 31, 2011

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and mental expenses. b) Depreciation has been provided on written down value method on pro-rata basis at the c) KS manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

investments are carried at cost and provision is made in the accounts for diminution In the value of quoted investment iii) Inventories Valuation realizable value. iv) Retirement Benefits 20 40 529/- (Previous year Rs. 17,36,958/-)

b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

iii) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat.

iv) Reorganization of Income & Expenditure

Ail incomes and expenditures are accounted for on accrued basis except insurance claims, which are being accounted for on receipt basis. vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is Madeira-the accounts in respect of liabilities which are acknowledged by the company and wh.ch have material effect on the position stated in the balance sheet.

v) Impairment of assets

At Ph balance sheet date the company reviews the carrying amount of its fixed assets to whether There is any indication that the assets suffered any impartment loss. any Sir rd carom exists the recoverable amount of the assets is estimated in order to determine she statement loss. Recoverable amount is higher of the assets net selling price Inn 12 the use assessing value in use, estimated future cash flows expected from the co timings the assets and from its disposal are discounted to their present value using a pretax Sun rate that reflects the current market assessment of time value of money and the risks specific to the assets.

vi) Taxes on Income

Current tax is determined as the amount of tax payable in respect of income for the period Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between the taxable income and accounting income that originate in one year and are capable of reversal in one or more year Deferred tax assets are not recognized unless there is a sufficient assurance with respect to its reversal in future years.

vii) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction. Exchange differences arising on settlement / conversion of foreign currency transaction are included in the profit and loss account.


Mar 31, 2010

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and incidental expenses.

(b) Depreciation has been provided on written down value method on pro-rata basis at the rates and manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

Investments are carried at cost and provision is made in the accounts for diminution in the value of quoted investment

iii) Inventories Valuation

Raw materials, stores and spares and packing materials at cost, work in process at raw materials cost plus conversion cost depending on the stage of completion, finished goods a cost or net realizable value whichever is less and waste/damaged goods etc. at estimate realizable value.

iv) Retirement Benefits

a) The gratuity is charged to revenue on cash basis, so no provision has been made for gratuity. The accrued liability as on 31st March, 2010 in respect of gratuity is; Rs.17,36,958/-(Previous year Rs.14,37,239/-)

b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

v) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat.

vi) Reorganization of Income & Expenditure

AIM comes and expenditures are accounted for on accrued basis except insurance claim; which are being accounted for on receipt basis.

vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made in the accounts in respect of liabilities which are acknowledged by the company and which have material effect on the position stated in the balance sheet.

viii) Impairment of assets

At each balance sheet date, the company reviews the carrying amount of its fixed assets determine whether there is any indication that the assets suffered any impairment loss If at such indication exists, the recoverable amount of the assets is estimated in order to deter mar the extent of impairment of loss. Recoverable amount is higher of the assets net selling pinch and value in use. In assessing value in use, estimated future cash flows expected from tt continuing use of the assets and from its disposal are discounted to their present value using pretax discount rate that reflects the current market assessment of time value of money and tell risks specific to the assets.

xi Taxes on income

Current tax is detained as the amount tax payable in respect of income for the period deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets on timing differences being the differences, hang the difference between the taxable income and accounting of reversal in one or more year. Deferred tax assets are not recons. efficient assurance with respect to its reversal in future years.

x) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction Exchange differences arising on settlement / conversion of foreign currency on account of bank balance lying in EEFC A/c as on 31 03 2010 less account.


Mar 31, 2009

I) Fixed Assets

(a) Fixed assets are stated at their original cost, which includes duties, taxes and incidental expenses.

(b) Depreciation has been provided on written down value method on pro-rata basis at the rates and manners prescribed by Schedule XIV of the Companies Act, 1956.

ii) Investments

Investments are carried at cost and provision is made in the accounts for diminution in the value of quoted investment

iii) Inventories Valuation

Raw materials, stores and spares and packing materials at cost, work in process at raw materials cost plus conversion cost depending on the stage of completion, finished goods at cost or net realisable value whichever is less and waste/damaged goods etc. at estimated realisable value.

iv) Retirement Benefits

a) The gratuity is charged to revenue on cash basis, so no provision has been made for gratuity. The accrued liability as on 31st March, 2009 in respect of gratuity is Rs 14,37,239/- (Previous year Rs. 9,85,387/-)

b) Leave encashment - provision for Leave encashment is accounted and provided for at the end of the financial year.

c) Provident Fund- Liability is determined on the basis of contribution as required under the statutory rules and charged to profit and loss account.

v) Export Sales

The export sales are accounted for on CIF as well as on FOB basis in consonance with the nature of contract executed with the foreign buyers. Other sales are net of Vat.

vi) Reorganization of Income & Expenditure

All incomes and expenditures are accounted for on accrued basis except insurance claims, which are being accounted for on receipt basis.

vii) Contingent Liabilities

Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made in the accounts in respect of liabilities which are acknowledged by the company and which have material effect on the position stated in the balance sheet.

viii) Impairment of assets

At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is any indication that the assets suffered any impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment of loss. Recoverable amount is higher of the assets net selling price and value in use. In assessing value in use, estimated future cash flows expected from the continuing use of the assets and from its disposal are discounted to their present value using a pretax discount rate that reflects the current market assessment of time value of money and the risks specific to the assets.

ix) Taxes on Income

Current tax is determined as the amount of tax payable in respect of income for the period. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between the taxable income and accounting income that originate in one year and are capable of reversal in one or more year. Deferred tax assets are not recognized unless there is a sufficient assurance with respect to its reversal in future years.

x) Foreign Currency transactions

Transaction denominated in foreign currency is recorded at the exchange rate prevailing at the date of transaction. Exchange differences arising on settlement / conversion of foreign currency transaction including the Exchange differences on account of balance outstanding as on 31.03.2009 are included in the profit and loss account.

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