Accounting Policies of Ejecta Marketing Ltd. Company

Mar 31, 2016

Appu Marketing & Manufacturing Limited is a public company incorporated in India. Its shares are listed on the Calcutta Stock Exchange Ltd. and BSE Ltd. in India. The Company is engaged in the trading business.

a) Basis of Preparation: - The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (''Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI).

b) Use of estimates: - The preparation of financial statements requires the management of the company to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, as at the date of the financial statements and reported amounts of income and expenses during the period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future years. Future results may vary from these estimates.

c) Borrowing costs: - Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

During the F.Y. 2015-16 the company has not borrowed any amount.

d) Tangible fixed assets: - Fixed assets are stated at cost, net of accumulated depreciation and impairment losses, if any. The cost comprises the purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

e) Depreciation: - Depreciation on tangible fixed assets has been provided on the Straight Line Method as per the useful life prescribed in Part C of Schedule II to the Companies Act, 2013.

Depreciation for assets purchased / sold / discarded/ disposed off during the year is charged proportionately. Individual assets whose cost does not exceed Rs.5000/- is treated as revenue expenditure.

f) Non-Current Investments: - Investment have been treated as long term and carried at cost. Cost includes purchase cost and attributable expenses.

Long-term Investments made by the Company are stated at cost and provision for diminution in the value of long term investments is made only if such a decline is other than temporary.

g) Revenue recognition: - Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Sale of goods

Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods.

Interest

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "Revenue from operations" in the statement of profit and loss. Dividends

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

Other Income

The amounts receivable from various agencies are accounted on accrual basis to the extent it is possible to ascertain the income with reasonable accuracy.

h) Foreign currency transaction: - No Foreign Currency Transactions has been made by the Company in the Financial Year 2015-16.

i) Retirement and other employee benefits: - No liability in respect of retirement benefits has been provided for since; none of its employee are eligible for entitlement of retirement benefit for non attainment of duration of services.

j) Income taxes: - Tax expense comprises of current tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-Tax Act, 1961 enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

k) Earnings Per Share: - Basic Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

l) Provisions, Contingent Liabilities and Contingent Assets: - A provision is recognized when the Company has a present obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date.

A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require and outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in the financial statements.

m) Cash and cash equivalents: - Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

n) Balance in respect of Trade Payable, Trade Receivable and Loans & Advances are subject to confirmation.

o) Cash Flow Statement: - Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and cash flows from operating, investing and financing activities of the Company are segregated.

p) MSMED Act, 2006: - The Government of India has promulgated an Act namely The Micro, Small and Medium Enterprises Development Act, 2006, which comes into force with effect from October 2, 2006. As per the act, the Company is required to identify the Micro, Small and Medium suppliers and pay them interest on over dues beyond the specified period irrespective of the terms agreed with the suppliers. The Company does not have any dues to any entity covered under the said act.

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Mar 31, 2015

(a) Basis of Preparation: - The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (''Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI).

(b) Use of estimates: - The preparation of financial statements requires the management of the company to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses assets and liabilities and the disclosure of contingent liabilities, as at the date of the financial statements and reported amounts of income and expenses during the period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future years. Future results may vary from these estimates.

(c) Tangible fixed assets: - Tangible fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

(d) Depreciation on tangible fixed assets: - Depreciation on tangible fixed assets has been provided on the Straight Line Method as per the useful life prescribed in Part C of Schedule II to the Companies Act, 2013.

(e) Borrowing costs: - Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

During the F.Y. 2014-15 the Company has not borrowed any amount.

(f) Non-Current Investments: - Investment have been treated as long term and carried at cost. Cost includes purchase cost and attributable expenses.

Long-term Investments made by the Company are stated at cost and provision for diminution in the value of long term investments is made only if such a decline is other than temporary.

(g) Revenue recognition: - Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Sale of goods

Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods.

Interest

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "Revenue from operations" in the statement of profit and loss.

Dividends

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

Other Income

The amounts receivable from various agencies are accounted on accrual basis to the extent it is possible to ascertain the income with reasonable accuracy.

The Company presents revenues in its statement of profit and loss.

(h) Foreign currency transactions : No Foreign Currency Transactions has been made by the Company in the Financial Year 2014-15.

(i) Retirement and other employee benefits: - No liability in respect of retirement benefits has been provided for since; none of its employee are eligible for entitlement of retirement benefit for non attainment of duration of services.

(j) Income taxes: - Tax expense comprises of current tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

(k) Earnings Per Share: - Basic Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

(l) Provisions, Contingent Liabilities and Contingent Assets: - A provision is recognized when the Company has a present obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date.

A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require and outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in the financial statements.

(m) Cash and cash equivalents: - Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

(n) Balance in respect of Trade Payable, Trade Receivable and Loans & Advances are subject to confirmation.

(o) Cash Flow Statement: - Cash flows are reported using the indirect method and cash flows from operating, investing and financing activities of the Company are segregated.

(p) MSMED Act, 2006: - The Government of India has promulgated an act namely The Micro, Small and Medium Enterprises Development Act, 2006, which comes into force with effect from October 2, 2006. As per the act, the Company is required to identify the Micro, Small and Medium suppliers and pay them interest on over dues beyond the specified period irrespective of the terms agreed with the suppliers. The Company does not have any dues to any entity covered under the said act.

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Mar 31, 2014

(a) Basis of Preparation: - The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended), the relevant provisions of the Companies Act, 1956 (to the extend applicable) and the Companies Act, 2013 (to the extent notified). The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

(b) Use of estimates: - The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting year. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future years.

(c) Tangible fixed assets and depreciation on tangible fixed assets: - Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

There are no fixed assets in company. Hence, depreciation does not form part of the Financial Statement of the Company.

(d) Borrowing costs: - Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

During the F.Y.2013-14 the Company has not borrowed any amount.

(e) Investments: - Investment have been treated as long term and carried at cost. Cost includes purchase cost and attributable expenses.

(f) Revenue recognition: - Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Sale of goods

Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods.

Interest

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "Revenue from operations" in the statement of profit and loss.

Dividends

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

Other Income

The amounts receivable from various agencies are accounted on accrual basis to the extent it is possible to ascertain the income with reasonable accuracy.

(g) Foreign currency translation: - No Foreign Currency Transactions has been made by the Company in the Financial Year 2013-14.

(h) Retirement and other employee benefits: - No liability in respect of retirement benefits has been provided for since, none of its employee are eligible for entitlement of retirement benefit for non attainment of duration of services.

(i) Income taxes: - Tax expense comprises of current tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

(j) Earnings Per Share: - Basic Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

(k) Provisions, Contingent Liabilities and Contingent Assets: - A provision is recognized when the Company has a present obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date.

A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require and outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in the financial statements.

(l) Cash and cash equivalents:- Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

(m) Balance in respect of Trade Payable, Trade Receivable and Loans & Advances are subject to confirmation.

(n) Cash Flow Statement :- Cash flows are reported using the indirect method and cash flows from operating, investing and financing activities of the Company are segregated.

(o) MSMED Act, 2006 :- The Government of India has promulgated an act namely The Micro, Small and Medium Enterprises Development Act, 2006, which comes into force with effect from October 2, 2006. As per the act, the Company is required to identify the Micro, Small and Medium suppliers and pay them interest on over dues beyond the specified period irrespective of the terms agreed with the suppliers. The Company does not have any dues to any entity covered under the said act.

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Mar 31, 2013

(i) In respect of its Fixed Assets :

As per information and explanation given to us. the Company has not owned any Fixed Asset during the year, hence clause 4 (i) (a )(b) & (c) are not applicable to the Company.

(ii) In respect of its Inventories :

As per information and explanation given to us, the Company does not have any inventory during the year, hence clause 4 (ii) (a }{b) & (c) are not applicable to the Company,

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

(a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties I) listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses III (b), iii(c} and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. -

(iv) In our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard of trading activities. We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit. ,

(V) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4 (v)(b) of the Order are not applicable to the Company.

(vi) The Company has not accepted any deposit from the public covered under section 58A and 58AA of the Companies Act, 1956.

(vii)ln our opinion the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(l) of section 209 of the companies Act, 1956.

(ix) In respect of Statutory dues :

a) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and any other material statutory dues applicable to it.

b) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax & cess were outstanding as at 31st March 2013 for a period of more than six month from the day they become payable.

(a) Basis of Preparation: - The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act. 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

(b) Use of estimates:- The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting year. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future years.

(c) Tangible fixed assets Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

(d) Depreciation on tangible fixed assets Depreciation on fixed assets is calculated on Straight Line basis using the rates as prescribed under the Schedule XIV to the Companies Act, 1956.

(e) Borrowing costs Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

(f) Investments Investment have been treated as long term and carried at cost. Cost includes purchase cost and attributable expenses.

(g) Inventories Trading Goods are valued at cost.

h) Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Sale of goods

Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods.

Interest

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "Revenue from operations" in the statement of profit and loss.

Dividends

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

(i) Foreign currency translation

Foreign currency transactions and balances Initial recognition

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Conversion

Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. Non-monetary items, which are measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange rate at the date when such value was determined.

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Mar 31, 2012

A. Change in Accounting Policy

Presentation & Disclosurein financial statements

During the year ended 31.03.2012 the revised Schedule VI notified under the Companies ACT 1956,has become applicable to the Company, for preparation and presentation of its financial statements.The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements by the company.Howeverjt has significant impact on presentation & disclosures made in the financial statements.The company has also reclassified the previous year''s figures in accordance with the requirements applicable in the current year.

b. Use of estimates

The preparation of the financial statements in the conformity with the GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

c. Fixed assets

As the company does not have any fixed assets,the provisions of AS -10 are not applicable to the company.

d. Depreciation

Since the company does not have any fixed assets, the provisions of AS -6 are no1 applicable to the company.

e. Impairment of assets

Since the company does not have any fixed assets,the provisions of AS -28 are not applicable to the company.

f Investments

As per the provisions of AS 13 investments which are readily relisable and intended to be held for not more than one year from the date on which such investments are made,are classifed as current investments. All other investments are classified as Long Term Investments/Non Current Investments.

g Inventories

Since the company does not have any inventory,the provisions of AS -2 are not

h Income Tax

As per the provisions of AS 22 tax expense comprises current & deferred tax.Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.The tax rate & tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.

i Earning per share

In accordance with the provisions of AS 22 basic earnings per share are calculated by dividing the net profit or loss after tax for the period attributable to equity shareholders.

j Contingencies

Contingent liability is a possible obligation that arises from past events and the existence of which wilt be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise, or is a present obligation that arises from past events but is not recognised because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a jreliable estimate of the amount of the obligation cannot be made.

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Mar 31, 2011

1. Accounting Concepts

The company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. The accounts are prepared on historical cost basis, as a going concern and are consistent with the generally accepted accounting principles.

2. Fixed Assets: NIL

3. Depreciation: NIL

4. Inventories: NIL

5. Preoperative Expenses:

6. Contingent Liabilities: NIL

7. Taxation

Provision for income tax comprises of current tax only. Deferred tax liability is recognized subject to consideration of prudence on timing differences being difference between taxable and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized in the account unless there is "Virtual certainty" that sufficient future taxable income will be available against which such deferred tax assets will be realized. As such on conservative basis, deferred tax Assets if any are not accounted for on the accounts. However, deferred tax liability will be taken in accounts, as and when arise.

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Mar 31, 2010

1. Accounting Concepts

The company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis The accounts are prepared on historical cost basis, as a going concern and are consistent with the generally accepted accounting principles.

2. Fixed Assets NIL

3. Depreciation NIL

4. Inventories NIL

5. Pre-operative Expenses: 46800/-

6. Contingent Liabilities. NIL 7 Taxation

Provision for income tax comprises of current tax only Deferred tax liability is recognized subject to consideration of prudence on timing differences being difference between taxable and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized in the account unless there is "Virtual certainty" that sufficient future taxable income will be available against which such deferred tax assets will be realized As such on conservative basis, deferred tax Assets if any are not accounted for on the accounts. However, deferred tax liability will be taken in accounts, as and when arise